Page 6 - MUMBAI - 02 MAY 2024

6 EXIM
INDIA newsletter Mumbai, Thursday, May 2, 2024
INSTC seen as best bet to boost trade

amid the Red Sea crisis

Exim News Service efit the global economy to move away path through the Mediterranean Sea
MUMBAI, May 1 from the now-dangerous Red Sea and and the Suez Canal to Russia by al-
THE International North-South the Suez link to the Mediterranean. most half, highlighted a report.
Transport Corridor (INSTC) initia- The INSTC plan comprises a 7,200- The plan got reinforcement from the
tive by Russia, Iran and India is seen km corridor starting from St Peters- recent events in the Red Sea and also
as the best bet to enhance trade and burg in Russia to ports in southern the Israel-Hamas clashes in the Middle
transport connectivity among coun- Iran, and from there to Mumbai in East. The Houthi attacks on mercantile
tries along its route, that would not India. The idea is of a shipping route shipping across the Red Sea exposed
only help Russia and Iran counter that should bypass Europe. It will the insecurity of the Suez link to the
Western sanctions but may also ben- also reduce the length of the current Mediterranean, the report added.
Demerger of Svitzer from Maersk confirmed

Exim News Service well as certain other as- to the highest professional ready to become a stand-
COPENHAGEN, May 1 sets and liabilities related standards. Today is a land- alone, listed company, offer-
LAST week, at an Ex- to APMM’s towage and mark event in Svitzer’s 190 ing investors the opportunity
traordinary General Meet- marine service activities, years’ history as the com- to invest in a leading global
ing in Copenhagen, share- to a new company, Svitzer pany returns to its former towage and marine servic-
holders in A.P. Møller - Group A/S (Svitzer Group), status as stand-alone com- es provider with a strong,
Mærsk A/S voted in favour of which will be established pany with the best possible steadily performing underly-
the proposal for a demerger as part of the demerger. outset for delivering value ing business and continued
of Svitzer from Maersk. Morten H. Engelstoft, to customers, investors and growth ambitions.”
This confirms the sepa- Chairman of Svitzer’s Board other stakeholders.” Svitzer will continue to be
ration of Svitzer to a new of Directors, said: “With the Svitzer CEO, Kasper Friis headquartered in Copenha-
company that will be officially demerger from APMM and Nilaus, said: “The separation gen and operate under the
listed on Nasdaq Copenhagen. separate listing of Svitzer, from APMM and separate same Svitzer name.
As previously an- an era of 45 years under listing of Svitzer on Nasdaq Svitzer has been part of
nounced, the demerger APMM’s ownership comes Copenhagen provides a solid the Maersk Group of com-
will be completed by to an end. In this period, platform for us to continue panies for more than 40
APMM injecting 100% Svitzer has seen significant executing on our strategy and years. In 1979, Maersk be-
of the shares of Svitzer expansion and change, es- building our position in the came a majority shareholder
A/S (Svitzer), including tablishing itself as a global market in the years to come. of Svitzer and acquired it
Svitzer’s subsidiaries as market leader that operates We are excited and fully shortly after.

Sri Lanka Customs

Submission of Cargo Declarations and
Bills of Lading to ASYHUB

Special Notice to all Shipping Agents, NVOCC Agents, Freight Forwarding Agents

We are pleased to announce the implementation of ASYHUB, a cutting-edge digital platform aimed at streamlining
and enhancing the efficiency of Customs clearance by Sri Lanka Customs. The submission of Cargo Declarations and
Bills of Lading shall be completely migrated from the ASYCUDA World System to the ASYHUB System with effect
from the 1st of May 2024.
Under this new initiative all the Shipping Agents, NVOCC Agents and Freight Forwarding Agents are required to
perform the following actions.
1. The Shipping Agent shall report the vessel as soon as the information is available but no later than 24 hours
prior to departure from the last foreign port.
2. The Shipping Agents, NVOCC Agents and Freight Forwarding Agents shall submit the Cargo Declarations and
Bills of Lading of containerized cargo to the ASYHUB System 24 hours prior to the departure from the last foreign port.
3. The Shipping Agents, NVOCC Agents and Freight Forwarding Agents shall submit the Cargo Declarations and
Bills of Lading of non-containerized (Bulk, break-bulk and liquid) cargo 72 hours prior to arrival, or where the voyage
is less than 72 hours on departure from the last foreign port.
Timeline for ASYHUB System Migration:
H Registration of users to ASYHUB System to commence from 22nd March 2024 and test submissions shall be
allowed until 31st March 2024.
H Parallel submission of Cargo Declarations and, Bills of Lading to ASYCUDA World and ASYHUB System is to
be commenced on the 1st of April 2024.
H Submission of Cargo Declarations and Bills of Lading to ASYCUDA World will be stopped from 30th April 2024,
and from 1st of May 2024, the Cargo Declarations and Bills of Lading shall be received only to the ASYHUB System.
H Sri Lanka Customs shall amend Electronic Sea Cargo Reporting Regulations No. 1 of 2014 published in extraor-
dinary gazette No. 1886/55 of 31.10.2014 to regulate the above changes.
Sd/-
P.B.S.C. Nonis, Director General of Customs